ly is under pressure. Over the weekend, supply from three Norwegian gas fields was halted, sending Norwegian gas exports to the EU to its lowest level since 2015.
Japan’s spot power price climbed 5.5% for the week as bad weather hurts the solar-power supply and puts higher pressure on LNG supplies. Reports of regional costs soaring on LNG supply are being factored into the price as well. On the upside, $3 is the level to watch after the double top formation from Friday and Thursday. Just above there, the 200-day Simple Moving Average is present as a cap and has not been tested in the past few months. Keep an eye on $3.03 before targeting $3.18 and testing the upper side of the trend channel.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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